For the nine months ended September
30, 2014
CALGARY, Oct. 31, 2014 /CNW/ -
|
|
|
|
|
|
|
|
|
|
Third quarter |
|
Nine months |
(millions of dollars, unless noted) |
2014 |
2013 |
% |
|
2014 |
2013 |
% |
|
|
|
|
|
|
|
|
Net income (U.S. GAAP) |
936 |
647 |
45 |
|
3,114 |
1,772 |
76 |
Net income per common share |
|
|
|
|
|
|
|
- assuming dilution (dollars) |
1.10 |
0.76 |
45 |
|
3.66 |
2.08 |
76 |
|
|
|
|
|
|
|
|
Capital and exploration expenditures |
1,434 |
1,840 |
(22) |
|
4,066 |
6,453 |
(37) |
|
|
|
|
|
|
|
|
Rich Kruger, Chairman,
President and Chief Executive Officer, commented:
During the quarter, Imperial maintained its focus on safety and
operational performance while continuing to advance major upstream
growth projects. Specifically, the Downstream and Chemical
businesses continued to deliver strong results, Kearl production
increased and the Kearl expansion and Cold Lake Nabiye projects
progressed as planned.
Earnings in the third quarter were $936
million, or $1.10 per share,
up 45 percent from the same period in 2013.
Gross production averaged 307,000 oil-equivalent barrels per
day, up 19,000 barrels versus 2013, due to increased Kearl
production. Excluding the impact of divested assets, total
production was up 12 percent in the quarter. Kearl averaged 78,000
barrels per day (55,000 barrels Imperial's share) in the quarter.
Excluding the impact of major planned maintenance, which was
executed over a two-week period in September, Kearl production
averaged 92,000 barrels per day (65,000 barrels Imperial's
share).
Refinery throughput totalled 409,000 barrels per day, up 17,000
barrels versus 2013, supported by 97 percent capacity utilization.
Petroleum product sales were a record 502,000 barrels per day, up
35,000 barrels or seven percent versus the same period last year.
Chemical earnings were also a record at $66
million, up nearly 70 percent versus the same period last
year.
Third quarter capital and exploration expenditures totalled
$1,434 million. Investments were
primarily associated with upstream growth; most notably the Kearl
expansion and Cold Lake Nabiye projects, which were 97 and 96
percent complete, respectively, at the end of the quarter. In
addition, a decision was made to expand the initial capacity of the
Edmonton Rail Terminal from 100,000 barrels per day to 210,000
barrels. The project, which continues to progress toward a first
quarter 2015 start-up, will ensure access to highest value markets
for equity production.
Contributions to the communities in which we live and work
continued. In August, Esso became the Official Fuel and Convenience
Store Supplier of the Toronto 2015
Pan Am/Parapan Am Games. Duly recognizing the location where
Imperial was originally founded, donations totalling more than
$120,000 were made in honour of the
Sarnia Centennial. Funds will support local arts, community events,
academic awards and support for Sarnia area schools.
After more than a century, Imperial continues
to be an industry leader in applying technology and innovation to
responsibly develop Canada's
energy resources. As Canada's
largest petroleum refiner, a major producer of crude oil and
natural gas, a key petrochemical producer and a leading fuels
marketer from coast to coast, our company remains committed to the
high standards across all areas of our business.
Third quarter highlights
- Net income totalled $936
million or $1.10 per share on
a diluted basis, up 45 percent from $647
million or $0.76 per share in
the third quarter of 2013.
- Production averaged 307,000 gross oil-equivalent barrels per
day, up seven percent from 288,000 barrels in the same period
of 2013. Excluding the impact of divested conventional assets,
total production was up 34,000 barrels per day or 12 percent.
- Refinery throughput averaged 409,000 barrels per day, up
from 392,000 barrels in the third quarter of 2013, adjusted for the
Dartmouth refinery shutdown.
Capacity utilization averaged 97 percent, up six percent in the
quarter.
- Petroleum product sales were a record 502,000 barrels per
day, up 35,000 barrels in the third quarter, consistent with
the company's strategy to grow sales in profitable Canadian
markets.
- Chemical earnings were a record quarterly high of
$66 million, up $27 million from the same period in 2013. The
results reflect the capture of stronger margins and the full
quarter effect of processing cost-advantaged ethane feedstock from
Marcellus shale gas.
- Cash generated from operating activities was $1,230 million, an increase of $932 million from the third quarter of 2013, due
to working capital effects and higher earnings.
- Capital and exploration expenditures of $1,434 million were primarily directed at the
Kearl expansion and Cold Lake Nabiye upstream growth projects.
- Kearl bitumen production averaged 78,000 barrels per day
(55,000 barrels Imperial's share) in the third quarter. Major
planned maintenance was safely executed during the second half of
September and included maintenance on the ore preparation plant,
hydro-transport, extraction and solvent recovery systems, along
with modifications to froth treatment instrumentation and control
valve upgrades to enhance reliability. Excluding the impact of this
14-day shutdown, quarterly production averaged 92,000 barrels per
day (65,000 barrels Imperial's share).
- Kearl expansion project advanced to 97 percent complete.
The project continues to track ahead of schedule, relative to its
originally planned late 2015 start-up. It is expected to
ultimately produce 110,000 barrels per day gross (78,000 barrels
Imperial's share). Lessons learned from the initial development
have been incorporated.
- Cold Lake Nabiye project advanced to 96 percent
complete. Initial steam injection remains targeted for year-end
2014 with initial bitumen production anticipated in the first
quarter of 2015. Ultimate production of 40,000 barrels per day is
expected.
- Edmonton Rail Terminal project progressed as planned. A
decision was made to expand the initial capacity from 100,000
barrels per day to 210,000 barrels. The project will ensure access
to highest value markets for equity production. Target start-up
remains the first quarter of 2015.
- Retail partnership with Tim
Hortons expanded to ensure essentially all of the
approximately 470 company-owned Esso stations have a Tim Hortons offering. The expansion will be
completed over the next several years.
- Esso signed-on as the Official Fuel and Convenience Store
Supplier of the 2015 Pan Am Games, which will take place in
Toronto in the summer of 2015. The
games will include participation from nearly 10,000 athletes,
coaches, and officials from 41 countries and require the support of
more than 20,000 volunteers. The Esso sponsorship also extends to
the Parapan Am Games, which act as the qualifier for the Rio 2016
Paralympic Games.
- More than $120,000 donated to
celebrate the Sarnia Centennial, a year-long celebration of the
city's 100th birthday. The funds will help provide a digital
marquee for the Imperial Theatre, a New
Year's Eve children's party, academic awards and support for
students to create local history projects. Imperial's history
traces back to the region with refining operations in Sarnia for more than 120 years.
Third quarter 2014 vs. third quarter 2013
The company's net income for the third quarter of 2014 was
$936 million or $1.10 per share on a diluted basis, compared with
$647 million or $0.76 per share for the same period last
year.
Upstream net income in the third quarter was $532 million, $72
million lower than the same period of 2013. Earnings in the
third quarter of 2014 reflected the impact of lower bitumen and
synthetic crude oil realizations of about $200 million. Earnings also decreased due to
higher royalties along with higher energy and other operating costs
totalling about $90 million. These
factors were partially offset by higher liquids volumes of about
$140 million, primarily due to
incremental contribution from Kearl production, and the impact of a
weaker Canadian dollar of about $85
million.
The company's average realizations from the sales of synthetic
crude oil decreased about 10 percent in the third quarter of 2014
to $102.58 per barrel versus
$113.63 per barrel in the third
quarter of 2013. The decreased realizations largely followed the
West Texas Intermediate (WTI) crude oil benchmark price, which was
down about eight percent to $97.25
per barrel, in U.S. dollars. The company's average bitumen
realizations at $74.82 per barrel,
also followed the trend of WTI, and were down about eight percent
versus the third quarter of 2013. The company's average
realizations on natural gas sales of $3.58 per thousand cubic feet in the third
quarter of 2014 were higher by $0.92
per thousand cubic feet versus the same period in 2013.
Gross production of Cold Lake
bitumen averaged 149,000 barrels per day in the third quarter, up
from 147,000 barrels in the same period last year.
Gross production from the Kearl initial development in the third
quarter was 78,000 barrels per day (55,000 barrels Imperial's
share) up from 33,000 barrels per day (23,000 barrels Imperial's
share) in the third quarter of 2013.
The company's share of Syncrude's gross production in the third
quarter was 61,000 barrels per day, up from 57,000 barrels in the
third quarter of 2013. Increased volumes were due to lower
maintenance activities.
Gross production of conventional crude oil averaged 16,000
barrels per day in the third quarter, versus 22,000 barrels in the
corresponding period in 2013. The lower production volume was
primarily due to the impact of properties divested during the first
half of 2014.
Gross production of natural gas during the third quarter of 2014
was 149 million cubic feet per day, down from 211 million cubic
feet in the same period last year, reflecting the impact of
properties divested during the first half of 2014.
Downstream net income was $343
million in the third quarter, $297
million higher than the third quarter of 2013. Earnings
increased due to the impacts of improved refinery reliability and
feedstock mix of about $110 million,
along with higher industry refining margins of about $100 million, and higher marketing margins and
sales volumes totalling about $70
million.
Chemical net income in the third quarter was a record
$66 million, up from $39 million in the same quarter in 2013. Strong
margins across all major product lines and the processing of
cost-advantaged ethane feedstock from Marcellus shale gas
contributed to these best-ever quarterly results.
Net income effects from Corporate and Other were negative
$5 million in the third quarter,
versus negative $42 million in the
same period of 2013 due to lower share-based compensation
charges.
The company's cash balance was $43
million as at September 30,
2014 versus $76 million at the
end of the third quarter of 2013.
Cash flow generated from operating activities was $1,230 million in the third quarter, $932 million higher than the corresponding period
in 2013. Higher cash flow was primarily due to working capital
effects and higher earnings.
Investing activities used net cash of $1,379 million in the third quarter, compared
with $1,804 million in the same
period of 2013. Additions to property, plant and equipment were
$1,351 million in the third quarter,
compared with $1,810 million during
the same quarter in 2013. Expenditures during the quarter were
primarily directed towards the advancement of Kearl expansion and
Cold Lake Nabiye projects.
Cash from financing activities was $21
million in the third quarter, compared with $1,040 million in the third quarter of 2013.
Dividends paid in the third quarter of 2014 were $111 million, $9
million higher than the corresponding period in 2013.
Per-share dividend paid in the third quarter was $0.13, up from $0.12 in the same period of 2013.
Nine months highlights
- Net income totalled $3,114
million, up from $1,772
million in the prior year.
- Net income per common share on a diluted basis was $3.66 compared to $2.08 in 2013.
- Cash generated from operating activities was $3,314 million, versus $1,633 million in 2013.
- Cash used in investing activities of $3,117 million, including proceeds of
$814 million from the sale of assets,
was down $3,184 million versus the
same period in 2013.
- Gross oil-equivalent barrels of production averaged 308,000
barrels per day, up nine percent from 283,000 barrels from the same
period in 2013.
- Refinery throughput averaged 402,000 barrels per day, up eight
percent from 371,000 barrels in the same period last year, adjusted
for the Dartmouth refinery
shutdown.
- Per-share dividends declared during the year totalled
$0.39, up $0.03 per share from 2013.
Nine months 2014 vs. nine months 2013
Net income in the first nine months of 2014 was $3,114 million, or $3.66 per share on a diluted basis, versus
$1,772 million or $2.08 per share for the first nine months of
2013.
Upstream net income for the first nine months of 2014 was
$1,841 million, $540 million higher than the same period of 2013.
Earnings in 2014 included a gain of $478
million from the divestment of conventional upstream
producing assets. Earnings also increased due to the impacts of a
weaker Canadian dollar of about $240
million and higher liquids volumes of about $150 million, primarily due to incremental
contribution from Kearl production. These factors were partially
offset by higher royalty costs of about $220
million and higher energy and other operating costs of about
$100 million.
The company's average realizations from the sale of synthetic
crude oil increased about four percent in the first nine months of
2014 to $106.59 per barrel versus
$102.98 per barrel in the
corresponding period last year. The increased realizations
reflected the increase in the WTI crude oil benchmark price, which
was up about one percent, and the impact of a weaker Canadian
dollar. The company's average bitumen realizations in Canadian
dollars for the nine months to-date in 2014 were $72.11 per barrel versus $63.86 per barrel in the same period in 2013 as
the price spread between light crude oil and bitumen narrowed. The
company's average realizations on natural gas sales of $4.97 per thousand cubic feet in the first nine
months of 2014 were higher by $1.76
per thousand cubic feet versus the same period in 2013.
Gross production of Cold Lake
bitumen averaged 145,000 barrels per day in the first nine months,
down from 152,000 barrels from the same period last year. Lower
volumes were primarily due to the cyclic nature of steaming and
associated production and the impact of several unplanned
third-party power outages in the first quarter.
Gross production from the Kearl initial development in the first
nine months of 2014 was 73,000 barrels per day (52,000 barrels
Imperial's share) versus 13,000 barrels (9,000 barrels Imperial's
share) in the same period of 2013.
During the first nine months of 2014, the company's share of
gross production from Syncrude averaged 62,000 barrels per day,
compared to 63,000 barrels from the same period of 2013.
Gross production of conventional crude oil averaged 18,000
barrels per day in the first nine months of 2014, versus 21,000
barrels from the same period in 2013. The lower production volume
was primarily due to the impact of properties divested during the
first half of 2014.
Gross production of natural gas during the first nine months of
2014 was 171 million cubic feet per day, down from 201 million
cubic feet in the same period last year. The lower production
volume was primarily the result of the impact of divested
properties.
Downstream net income was $1,197
million, up $770 million in
the same period of 2013. Earnings in the first nine months of 2013
included a charge of $264 million
associated with the conversion of the Dartmouth refinery to a fuels terminal.
Earnings also increased due to the impacts of improved refinery
reliability and feedstock mix of about $330
million, higher marketing margins and sales volumes
totalling about $140 million and a
weaker Canadian dollar of about $90
million. These factors were partially offset by lower
industry refining margins of about $60
million.
Chemical net income was $166
million for the first nine months of 2014, up $50 million over the same period in 2013.
For the first nine months of 2014, net income effects from
Corporate & Other were negative $90
million, versus negative $72
million in 2013, primarily due to changes in share-based
compensation charges.
Key financial and operating data follow.
Forward-Looking Statements
Statements of future events or conditions in this report,
including projections, targets, expectations, estimates, and
business plans are forward-looking statements. Actual future
results, including demand growth and energy source mix; production
growth and mix; project plans, dates, costs and capacities;
production rates and resource recoveries; cost savings; product
sales; financing sources; and capital and environmental
expenditures could differ materially depending on a number of
factors, such as changes in the price, supply of and demand for
crude oil, natural gas, and petroleum and petrochemical products;
political or regulatory events; project schedules; commercial
negotiations; the receipt, in a timely manner, of regulatory and
third-party approvals; unanticipated operational disruptions;
unexpected technological developments; and other factors discussed
in this report and Item 1A of Imperial's most recent Form 10-K.
Forward-looking statements are not guarantees of future performance
and involve a number of risks and uncertainties, some that are
similar to other oil and gas companies and some that are unique to
Imperial. Imperial's actual results may differ materially from
those expressed or implied by its forward-looking statements and
readers are cautioned not to place undue reliance on them.
The term "project" as used in this release can refer to a
variety of different activities and does not necessarily have the
same meaning as in any government payment transparency
reports.
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter |
|
Nine Months |
millions of Canadian dollars, unless noted |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
|
|
|
|
|
|
|
|
Net Income (U.S. GAAP) |
|
|
|
|
|
|
|
|
|
Total revenues and other income |
|
9,658 |
|
8,594 |
|
28,933 |
|
24,566 |
|
Total expenses |
|
8,413 |
|
7,737 |
|
24,782 |
|
22,207 |
|
Income before income taxes |
|
1,245 |
|
857 |
|
4,151 |
|
2,359 |
|
Income taxes |
|
309 |
|
210 |
|
1,037 |
|
587 |
|
Net income |
|
936 |
|
647 |
|
3,114 |
|
1,772 |
|
|
|
|
|
|
|
|
|
|
|
Net income per common share (dollars) |
|
1.10 |
|
0.76 |
|
3.67 |
|
2.09 |
|
Net income per common share - assuming dilution
(dollars) |
|
1.10 |
|
0.76 |
|
3.66 |
|
2.08 |
|
|
|
|
|
|
|
|
|
|
Other Financial Data |
|
|
|
|
|
|
|
|
|
Federal excise tax included in operating
revenues |
|
412 |
|
385 |
|
1,165 |
|
1,041 |
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on asset sales, after tax |
|
2 |
|
5 |
|
498 |
|
46 |
|
|
|
|
|
|
|
|
|
|
|
Total assets at September 30 |
|
|
|
|
|
40,242 |
|
36,081 |
|
|
|
|
|
|
|
|
|
|
|
Total debt at September 30 |
|
|
|
|
|
6,202 |
|
6,214 |
|
Interest coverage ratio - earnings basis |
|
|
|
|
|
|
|
|
|
(times covered) |
|
|
|
|
|
66.9 |
|
71.4 |
|
|
|
|
|
|
|
|
|
|
|
Other long-term obligations at September 30 |
|
|
|
|
|
2,817 |
|
4,095 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity at September 30 |
|
|
|
|
|
22,379 |
|
17,896 |
|
Capital employed at September 30 |
|
|
|
|
|
28,600 |
|
24,132 |
|
Return on average capital employed (a) |
|
|
|
|
|
|
|
|
|
(percent) |
|
|
|
|
|
15.3 |
|
13.3 |
|
|
|
|
|
|
|
|
|
|
|
Dividends declared on common stock |
|
|
|
|
|
|
|
|
|
Total |
|
111 |
|
102 |
|
331 |
|
306 |
|
Per common share (dollars) |
|
0.13 |
|
0.12 |
|
0.39 |
|
0.36 |
|
|
|
|
|
|
|
|
|
|
|
Millions of common shares outstanding |
|
|
|
|
|
|
|
|
|
At September 30 |
|
|
|
|
|
847.6 |
|
847.6 |
|
Average - assuming dilution |
|
850.9 |
|
851.0 |
|
850.7 |
|
850.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
Return on capital employed is net income excluding
after-tax cost of financing divided by the average rolling four
quarters' capital employed. |
|
|
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter |
|
Nine Months |
millions of Canadian dollars |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
|
|
|
|
|
|
|
|
Total cash and cash equivalents at period
end |
|
43 |
|
76 |
|
43 |
|
76 |
|
|
|
|
|
|
|
|
|
|
Net income |
|
936 |
|
647 |
|
3,114 |
|
1,772 |
Adjustments for non-cash items: |
|
|
|
|
|
|
|
|
|
Depreciation and depletion |
|
276 |
|
223 |
|
836 |
|
860 |
|
(Gain)/loss on asset sales |
|
(4) |
|
(5) |
|
(664) |
|
(60) |
|
Deferred income taxes and other |
|
185 |
|
106 |
|
411 |
|
276 |
Changes in operating assets and liabilities |
|
(163) |
|
(673) |
|
(383) |
|
(1,215) |
Cash flows from (used in) operating
activities |
|
1,230 |
|
298 |
|
3,314 |
|
1,633 |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) investing
activities |
|
(1,379) |
|
(1,804) |
|
(3,117) |
|
(6,301) |
|
Proceeds associated with asset sales |
|
7 |
|
6 |
|
814 |
|
68 |
|
|
|
|
|
|
|
|
|
|
Cash flows from (used in) financing
activities |
|
21 |
|
1,040 |
|
(426) |
|
4,262 |
|
|
|
|
|
|
|
|
|
|
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third
Quarter |
|
Nine Months |
millions of Canadian dollars |
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
|
|
|
|
|
|
|
|
Net income (U.S. GAAP) |
|
|
|
|
|
|
|
|
|
Upstream |
|
532 |
|
604 |
|
1,841 |
|
1,301 |
|
Downstream |
|
343 |
|
46 |
|
1,197 |
|
427 |
|
Chemical |
|
66 |
|
39 |
|
166 |
|
116 |
|
Corporate and other |
|
(5) |
|
(42) |
|
(90) |
|
(72) |
|
Net income |
|
936 |
|
647 |
|
3,114 |
|
1,772 |
|
|
|
|
|
|
|
|
|
|
Revenues and other income |
|
|
|
|
|
|
|
|
|
Upstream |
|
3,444 |
|
3,191 |
|
10,517 |
|
7,791 |
|
Downstream |
|
7,244 |
|
6,893 |
|
21,610 |
|
20,762 |
|
Chemical |
|
457 |
|
418 |
|
1,418 |
|
1,198 |
|
Eliminations/Other |
|
(1,487) |
|
(1,908) |
|
(4,612) |
|
(5,185) |
|
Total |
|
9,658 |
|
8,594 |
|
28,933 |
|
24,566 |
|
|
|
|
|
|
|
|
|
|
Purchases of crude oil and
products |
|
|
|
|
|
|
|
|
|
Upstream |
|
1,590 |
|
1,307 |
|
4,425 |
|
3,030 |
|
Downstream |
|
5,701 |
|
5,789 |
|
16,898 |
|
16,788 |
|
Chemical |
|
296 |
|
295 |
|
966 |
|
826 |
|
Eliminations |
|
(1,487) |
|
(1,907) |
|
(4,612) |
|
(5,184) |
|
Purchases of crude oil and products |
|
6,100 |
|
5,484 |
|
17,677 |
|
15,460 |
|
|
|
|
|
|
|
|
|
|
Production and manufacturing expenses |
|
|
|
|
|
|
|
|
|
Upstream |
|
917 |
|
880 |
|
2,933 |
|
2,508 |
|
Downstream |
|
389 |
|
396 |
|
1,125 |
|
1,312 |
|
Chemical |
|
52 |
|
50 |
|
166 |
|
157 |
|
Eliminations |
|
- |
|
(1) |
|
- |
|
(3) |
|
Production and manufacturing expenses |
|
1,358 |
|
1,325 |
|
4,224 |
|
3,974 |
|
|
|
|
|
|
|
|
|
|
Capital and exploration expenditures |
|
|
|
|
|
|
|
|
|
Upstream |
|
1,280 |
|
1,765 |
|
3,680 |
|
6,272 |
|
Downstream |
|
127 |
|
51 |
|
310 |
|
128 |
|
Chemical |
|
7 |
|
3 |
|
15 |
|
6 |
|
Corporate and other |
|
20 |
|
21 |
|
61 |
|
47 |
|
Capital and exploration expenditures |
|
1,434 |
|
1,840 |
|
4,066 |
|
6,453 |
|
|
|
|
|
|
|
|
|
|
|
Exploration expenses charged to income included above |
|
14 |
|
30 |
|
52 |
|
74 |
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating statistics |
|
Third
Quarter |
|
Nine Months |
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
|
|
|
|
|
|
|
|
|
Gross crude oil and Natural Gas Liquids (NGL)
production |
|
|
|
|
|
|
|
|
(thousands of barrels per day) |
|
|
|
|
|
|
|
|
|
Cold Lake |
|
149 |
|
147 |
|
145 |
|
152 |
|
Syncrude |
|
61 |
|
57 |
|
62 |
|
63 |
|
Kearl |
|
55 |
|
23 |
|
52 |
|
9 |
|
Conventional |
|
16 |
|
22 |
|
18 |
|
21 |
|
Total crude oil production |
|
281 |
|
249 |
|
277 |
|
245 |
|
NGLs available for sale |
|
2 |
|
4 |
|
2 |
|
4 |
|
Total crude oil and NGL production |
|
283 |
|
253 |
|
279 |
|
249 |
|
|
|
|
|
|
|
|
|
|
Gross natural gas production (millions of
cubic feet per day) |
|
149 |
|
211 |
|
171 |
|
201 |
|
|
|
|
|
|
|
|
|
|
Gross oil-equivalent production (a) |
|
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels per day) |
|
307 |
|
288 |
|
308 |
|
283 |
|
|
|
|
|
|
|
|
|
|
Net crude oil and NGL production (thousands
of barrels per day) |
|
|
|
|
|
|
|
|
Cold Lake |
|
114 |
|
115 |
|
112 |
|
126 |
|
Syncrude |
|
56 |
|
56 |
|
57 |
|
62 |
|
Kearl |
|
51 |
|
21 |
|
48 |
|
8 |
|
Conventional |
|
13 |
|
18 |
|
15 |
|
17 |
|
Total crude oil production |
|
234 |
|
210 |
|
232 |
|
213 |
|
NGLs available for sale |
|
2 |
|
3 |
|
2 |
|
3 |
|
Total crude oil and NGL production |
|
236 |
|
213 |
|
234 |
|
216 |
|
|
|
|
|
|
|
|
|
|
Net natural gas production (millions of
cubic feet per day) |
|
136 |
|
201 |
|
157 |
|
188 |
|
|
|
|
|
|
|
|
|
|
Net oil-equivalent production (a) |
|
|
|
|
|
|
|
|
(thousands of oil-equivalent barrels per day) |
|
259 |
|
246 |
|
260 |
|
247 |
|
|
|
|
|
|
|
|
|
|
Cold Lake blend sales (thousands of barrels
per day) |
|
190 |
|
201 |
|
191 |
|
201 |
Kearl blend sales (thousands of barrels per
day) |
|
85 |
|
15 |
|
72 |
|
5 |
NGL sales (thousands of barrels
per day) |
|
6 |
|
9 |
|
8 |
|
9 |
Natural gas sales (millions of
cubic feet per day) |
|
116 |
|
178 |
|
143 |
|
168 |
|
|
|
|
|
|
|
|
|
|
Average realizations (Canadian dollars) |
|
|
|
|
|
|
|
|
|
Conventional crude oil realizations (per barrel) |
|
81.78 |
|
93.48 |
|
80.44 |
|
83.57 |
|
NGL realizations (per barrel) |
|
37.57 |
|
41.91 |
|
50.74 |
|
36.19 |
|
Natural gas realizations (per thousand cubic feet) |
|
3.58 |
|
2.66 |
|
4.97 |
|
3.21 |
|
Synthetic oil realizations (per barrel) |
|
102.58 |
|
113.63 |
|
106.59 |
|
102.98 |
|
Bitumen realizations (per barrel) |
|
74.82 |
|
81.21 |
|
72.11 |
|
63.86 |
|
|
|
|
|
|
|
|
|
|
Refinery throughput (thousands of barrels
per day) |
|
409 |
|
451 |
|
402 |
|
439 |
Adjusted refinery throughput (b) (thousands
of barrels per day) |
|
409 |
|
392 |
|
402 |
|
371 |
Refinery capacity utilization (c)
(percent) |
|
97 |
|
91 |
|
95 |
|
87 |
|
|
|
|
|
|
|
|
|
|
Petroleum product sales (thousands of
barrels per day) |
|
|
|
|
|
|
|
|
|
Gasolines (Mogas) |
|
255 |
|
231 |
|
245 |
|
221 |
|
Heating, diesel and jet fuels (Distillates) |
|
176 |
|
159 |
|
180 |
|
156 |
|
Heavy fuel oils (HFO) |
|
25 |
|
29 |
|
20 |
|
31 |
|
Lube oils and other products (Other) |
|
46 |
|
48 |
|
42 |
|
43 |
|
Net petroleum products sales |
|
502 |
|
467 |
|
487 |
|
451 |
|
|
|
|
|
|
|
|
|
|
Petrochemical sales (thousands of
tonnes) |
|
243 |
|
242 |
|
739 |
|
725 |
|
|
|
|
|
|
|
|
|
|
(a) |
Gas converted to oil-equivalent at 6 million cubic
feet = 1 thousand barrels |
(b) |
Refinery operations at the Dartmouth
refinery were discontinued on September 16, 2013. Refinery
throughput in the third quarter and first nine months of 2013 was
adjusted to exclude volumes processed at the Dartmouth refinery to
facilitate comparison with the corresponding periods in 2014. |
(c) |
Capacity utilization is calculated
based on the number of days the refineries were operated as a
refinery. |
|
|
IMPERIAL OIL
LIMITED |
THIRD QUARTER
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
|
|
Net income (U.S. GAAP) |
|
|
|
per common
share |
|
|
|
(millions of Canadian dollars) |
|
|
|
(dollars) |
|
|
|
|
|
|
|
|
|
|
2010 |
|
|
|
|
|
|
|
|
First Quarter |
|
476 |
|
|
|
|
|
0.56 |
Second Quarter |
|
517 |
|
|
|
|
|
0.61 |
Third Quarter |
|
418 |
|
|
|
|
|
0.49 |
Fourth Quarter |
|
799 |
|
|
|
|
|
0.95 |
Year |
|
2,210 |
|
|
|
|
|
2.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2011 |
|
|
|
|
|
|
|
|
First Quarter |
|
781 |
|
|
|
|
|
0.92 |
Second Quarter |
|
726 |
|
|
|
|
|
0.86 |
Third Quarter |
|
859 |
|
|
|
|
|
1.01 |
Fourth Quarter |
|
1,005 |
|
|
|
|
|
1.19 |
Year |
|
3,371 |
|
|
|
|
|
3.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2012 |
|
|
|
|
|
|
|
|
First Quarter |
|
1,015 |
|
|
|
|
|
1.20 |
Second Quarter |
|
635 |
|
|
|
|
|
0.75 |
Third Quarter |
|
1,040 |
|
|
|
|
|
1.22 |
Fourth Quarter |
|
1,076 |
|
|
|
|
|
1.27 |
Year |
|
3,766 |
|
|
|
|
|
4.44 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013 |
|
|
|
|
|
|
|
|
First Quarter |
|
798 |
|
|
|
|
|
0.94 |
Second Quarter |
|
327 |
|
|
|
|
|
0.39 |
Third Quarter |
|
647 |
|
|
|
|
|
0.76 |
Fourth Quarter |
|
1,056 |
|
|
|
|
|
1.25 |
Year |
|
2,828 |
|
|
|
|
|
3.34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014 |
|
|
|
|
|
|
|
|
First Quarter |
|
946 |
|
|
|
|
|
1.12 |
Second Quarter |
|
1,232 |
|
|
|
|
|
1.45 |
Third Quarter |
|
936 |
|
|
|
|
|
1.10 |
SOURCE Imperial Oil Limited